Lessons from the Heterodox Stabilization Programs
Miguel Alberto Kiguel · Nissan Liviatan
Jan 1991 · Policy, research, and external affairs working papers Book 671 · World Bank Publications
Ebook
40
Pages
About this ebook
Heterodox stabilization programs are more successful in chronic high inflation countries because only there can the benefits from achieving a rapid initial reduction in inflation outweigh the costs of tampering with price and wage controls. While the heterodox phase is effective in blocking inflation initially, success depends on a long- term commitment to the orthodox part of the program and the readiness to accept the unavoidable costs of disinflation.
Heterodox stabilization programs are more successful in chronic high inflation countries because only there can the benefits from achieving a rapid initial reduction in inflation outweigh the costs of tampering with price and wage controls. While the heterodox phase is effective in blocking infla...
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